From Then to Now: The History of Loyalty Retail Programs 

In today’s consumer landscape, loyalty retail programs are seamlessly woven into both traditional brick-and-mortar stores and the digital realm of eCommerce. They serve as powerful tools to enhance customer retention, and to truly understand their significance and growth, we break down the history of loyalty retail programs below.  18th to 20th Century Loyalty Programs  The creation of loyalty programs in the late 18th century was considered the “premium marketing” of…

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2024 Holiday Shopping Trends: Black Friday, Cyber Monday, and Beyond

The holiday shopping season has arrived, and we are already seeing some fascinating shifts in consumer behavior and spending habits. From Thanksgiving weekend to Cyber Monday and beyond, the landscape of retail continues to evolve, blending in-store and online experiences with new trends in consumer preferences.   2024 Holiday Shopping Trends  A Mixed Bag of Numbers for Thanksgiving Weekend  The National Retail Federation (NRF) and Prosper Insights & Analytics reported that…

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Breaking Down the Implications of Using Generative AI in Retail Advertising

Generative AI tools have advanced tremendously in recent years, moving beyond novelties to becoming indispensable tools for companies to leverage. The ability of AI to generate images and videos, not just text, has caught the attention of many retailers, with brands such as Levi’s, Dove and Nike already capitalizing on AI to create marketing and advertising content. These tools allow for quick iterations and refinement, resulting in time and monetary…

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The Shift Toward Underconsumption in Beauty

In an era characterized by an overwhelming influx of new product launches and constant, in-your-face advertising, the concept of underconsumption has emerged as a compelling countertrend. Underconsumption – broadly defined as the practice of using fewer resources and making more deliberate purchases – is gaining traction in the beauty industry, influenced by social media dynamics and the evolving preferences of Gen Z consumers. As influencers and social media have historically…

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Breaking Down the Mars Kellanova Merger

The year’s largest merger is here: the Mars Kellanova Merger. If you have never heard of Kellanova, you’ve likely heard of the company it was recently formed out of – Kellogg. Kellanova was launched in 2023 (that’s right, exactly 317 days from this announcement to be precise), as a carveout from Kellogg with the aim to separate the faster growing convenience foods from the slower growth cereal business.  The legacy…

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Inclusivity in Consumer Healthcare Marketing: Strategies to Build a Market-Inclusive Brand

As we move further into 2024, inclusivity in consumer healthcare marketing will continue to be more of a strategic imperative rather than just a nice-to-have for brands. We know that Generation Alpha is more value-motivated than the proceeding generations (as we’ve seen reflected in their skincare and beauty purchasing) but consumers of all generations have become more discerning as well. In fact, more than half of consumers believe that brands…

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The Critical Intersection of Physical and Digital Marketing

Phygital marketing represents the fusion of physical and digital marketing tactics, seamlessly integrating in-person and online interactions into a unified marketing approach. In this piece, we’re exploring phygital marketing strategies and how brands can find success at this critical intersection of physical and digital marketing. What is Phygital Marketing? While the advent of social media, eCommerce, and internet advertising underscores the importance of digital strategies, a CSA survey reveals that…

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AI for Demand Forecasting and Inventory Planning in Retail

Advanced data analytics is now a table-stakes tool for inventory planning. Some estimates show that applying AI-driven forecasting can reduce errors by between 20 and 50 percent, reducing lost sales and product unavailability by up to 65 percent. Sharper demand forecasting also reduces waste and unsold products that need to be marked down or liquidated. Although the complex array of variables and multiple sources of uncertainty ensure demand forecasting will always…

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2024 Life Sciences Industry Trends

  Against the backdrop of both global challenges and innovative opportunities – ranging from ongoing geopolitical instability and economic uncertainties to the accelerating pace of technological innovation and R&D – life sciences companies are continuing to navigate a complex and rapidly evolving landscape. In this trends report, we outline the key trends driving this growth and acceleration in the life sciences industry, focusing on how companies are responding, adapting, and…

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2024 Wine, Spirits, and Beer Industry Trends

  As we begin 2024, the wine, spirits, and beer industry is still reeling with the changes in the aftermath of the pandemic. The greatest challenge facing the industry is dealing with the ever-changing ebbs and flows of alcohol consumption trends and demands. As consumers adjusted to a more home-centered lifestyle with remote working and lockdowns, the demand for convenient purchases grew.  However, even though we’ve returned to a more…

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2024 M&A Deal Trends in Consumer Products

In 2023, many consumer products (CP) companies focused on profitability and optimization of existing assets instead of making large growth-oriented investments in their business. Acquisition activity also slowed, as many companies focused on refining their core offerings in preparation for moves in the future. In addition, a challenging financing environment with higher interest rates and recent pauses in Fed hikes has caused many companies and investors to take a “wait…

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Catalent Acquisition by Novo Holdings and the Biopharma Industry

Novo Holdings, the parent company to Novo Nordisk, announced a deal this morning to acquire Catalent, a leading global CDMO known for its broad end-to-end CDMO capabilities. The deal, valuing Catalent at $16.5bn, is designed to help improve supply challenges that have been holding back the growth of their blockbuster GLP-1 drug semaglutide, more well-known by brand names Ozempic and Wegovy. In the same breath, Novo Holdings announced they will…

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Retailers and Generation Alpha

The youngest generation of shoppers – Gen Alpha – seems to be dominating news headlines lately, flocking into retail stores like Ulta and Sephora over the holiday season as they shop for the perfect products for their 10-step skincare routines and “Get Ready with Me” TikTok videos. As Ulta Beauty’s Chief Merchandising Officer noted, skincare was at the top of Gen Alpha’s holiday wish list as the 2023 holiday season…

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Emphasis on Self-Care is Transforming the Beauty Industry

As society transitions to a more xintrospective and health-focused world, we’re seeing growth in skincare trends, wellness-oriented products, and new market segments within the beauty industry. This new integrated approach to wellness is impacting the beauty community as consumers focus on products that incorporate both natural ingredients and non-traditional products into their self-care routine – focusing not only on their internal well-being, but external, too.  As our economy is experiencing…

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Evaluate New Revenue Streams Through Digital Platforms

The consumer products (CP) industry, along with many others, has experienced an evolution in recent years. In our 2023 CP Trends, we note two key trends – defining omnichannel strategy and execution, and implementing digital marketing strategies – which serve as drivers for further growth and innovation in a competitive market. CP companies have a number of avenues to further these trends, stand out from competition, and continue to grow…

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Data Collection and Privacy Concerns for At-Home Diagnostics

With the increasing availability of health information, there has been a rise in demand for at-home diagnostics companies that enable individuals to test their own samples and receive results without visiting a healthcare provider. This raises concerns about the data and privacy of consumer health information. At-home diagnostics testing handles highly sensitive personal and biological data that necessitates proper regulations and policies in place to protect patient privacy. As such, at-home…

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The Push for Sustainability in the Luxury Retail Industry

As sustainability becomes an increasingly important consideration in all industries, it’s inevitable that luxury retail will also continue to experience increasing demand for more sustainable products and practices – particularly as a new market segment of younger and eco-conscious consumers, such as Gen Z and Millennials, begin to fuel the luxury retail market as they move into careers with more flexible income. In fact, last year Millennials and Gen Z…

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Surviving from Pandemic to Inflation: Strategies for Grocery Retailers in 2023

During the COVID-19 pandemic, eCommerce grew drastically in several industries, with online grocery shopping becoming a popular option. Many customers sought to avoid in-person shopping altogether, so grocers began to offer curbside pick-up and delivery for customer purchases. As the impacts of the pandemic are now waning, digital grocery shopping sales are seeing a decline, and eCommerce grocery shopping recorded a 1.8% decline in the first 6 months of 2023…

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Back to Wholesale: Why Retailers are Making the Shift

For retail customers, shopping is an inherently interactive process. Even so, a reported 67% of apparel and 74% of footwear spending is done online. With so much emphasis on providing an authentic brand experience regardless of the channel, brands have experimented with creative ways to demonstrate a strong online presence amidst rises in direct-to-consumer (DTC) eCommerce.  Using footwear and apparel retailers as an example, we’re seeing companies look to seek…

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Organizational Change Management Strategy for a Veeva Implementation

An international biopharmaceutical company was planning on implementing a new quality management system (QMS), Veeva Vault QMS. This would be a multi-year implementation that affects thousands of employees across the globe. The biopharmaceutical company was looking to engage in a holistic end-to-end organizational change management (OCM) strategy to drive the successful adoption and usage of the new technology and to minimize the day-to-day impact to the business post go-live. The…

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Considerations for Expanding into New Pet Food Markets

Launching into a new market requires careful consideration of the industry trends, target consumers, competitive landscape, product mix, and operations investment. This is no different for the pet food industry. The pet food industry is growing yearly and is expected to reach an 8% CAGR by 2023, with consumers spending $51 million on pet food alone. As such, companies looking to take advantage of this market growth should evaluate their potential…

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Thinking the Implications of Generative AI in Retail 

Generative AI, also known as generative adversarial networks (GANs), is a subfield of artificial intelligence (AI) which has the potential to change the retail industry. This technology uses deep learning algorithms to generate brand new data and content based on user prompts. In contrast, other AI like reinforcement learning is more focused on processing and analyzing existing data. Clarkston’s retail team has enjoyed exploring the implications of generative AI in retail…

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What is Hyperlocalism, and What Does it Mean for Your Marketing Strategy?  

In our fast-paced and ever-changing market, understanding consumer motivations and preferences, specifically for younger generations, is key for organizations looking to remain profitable and relevant. For many CP companies, the growing trend of hyperlocalism is one way to achieve that success. So, what is hyperlocalism? What is Hyperlocalism?  Hyperlocalism refers to a strategy that targets potential consumers within a specific geographical location. It aims to provide personalized products tailored to…

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It keeps going up: The Growing Market for Functional Alcoholic Beverages

In today’s ever-changing consumer landscape, the alcohol industry has shown fascinating transformations to meet the demands of shifting consumer tastes and preferences. 2022 marked the first year where the spirits market share surpassed the beer market share in the U.S. beverage alcohol market. Largely attributed to the impacts of the Covid pandemic, the alcohol industry is experiencing a new era of health-conscious consumers. The rise of “better-for-you” alcoholic beverages has…

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Apparel Industry Outlook: Assessing Our 2023 Trends Report

In January, our retail experts made a number of predictions about the apparel industry outlook for 2023. As we move into the second half of the year, let’s see how well our predictions held up for the five trends discussed in our 2023 Apparel Industry Trends report. Trend Review Trend #1: Conscientious customers are forcing brands to rethink sustainable apparel. When predicting conscientious customers forcing brands to rethink sustainable apparel, our…

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Generation Alpha and their Impact on Beauty and Skincare 

Currently the youngest demographic, Generation Alpha is becoming an increasingly more important customer base for the beauty industry to target. Gen Alpha consists of those born between 2010 and 2024 and is projected to consist of at least 2 billion individuals. This generation’s ties to digital media and technology are more powerful than any other, which is key for forward-looking companies navigating today’s landscape. So, how will Gen Alpha impact…

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Password Manager Compliance and Security in Life Science

The use of password managers to create, store, and reuse passwords across different systems and applications has gained popularity in our personal and professional lives. There are several benefits associated with the use of password managers. They enable users to establish strong passwords that are not easily hacked, copied or guessed. Additionally, they keep the user from having to memorize a multitude of passwords, thereby creating efficient user access and…

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Overcoming Challenges to Business Growth in Emerging Markets

A global leader in the consumer products industry enlisted Clarkston to create a three-year strategic roadmap with actionable initiatives to address key challenges in its export business and prepare for future growth. The CP company experienced tremendous growth in the past several years, but as revenue increased, the company has outgrown its current processes and systems, particularly in its export business serving high-growth emerging markets. To prepare for future growth…

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Improving Retail Allocation with Analytics

Increasing supply chain pressures are forcing retailers to reconsider each portion of their inventory strategy. They are trying to find the best way to get the right product to the right location at the right time. Modern omnichannel customer experiences add complexity to this. Enabling store order fulfilment (ship-from-store) or adding the ability to buy-online-pickup-in-store can change the way stores interact with customers and requires changes to the retail allocation…

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Companies utilizing Influencer Marketing Strategy Best

As purchasing and shopping experiences become increasingly digital, the need for a strong digital marketing strategy is apparent perhaps now more than ever before. While influencer marketing has been around for decades, the industry has more than doubled since 2019. Not only is influencer marketing becoming a “trendy” strategy in marketing, but companies are seeing positive changes in their conversion rates. In fact, 89% of businesses report that their ROI…

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Taking Stock and Understanding Consumer Motivations

Consumer engagement is critical for any consumer products company today. Understanding your consumers, their motivations, and their connection to your product is what drives success, and it needs to be a cross-functional effort. In our last episode of Taking Stock, we dove into the concept of consumer engagement – what it is, how it’s evolved over the past years, and what to consider when building an effective consumer engagement strategy.…

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Navigate the Impact of Inflation – The Retail Industry

Inflation has presented a serious issue for retailers throughout the last year. Increased costs may mean lower profit margins if in-store prices are not raised, but raising prices could push loyal customers away. Sustained high prices are also squeezing shoppers’ wallets as household expenditures rise and customers must prioritize “essential” items like food or gas rather than that new outfit or pair of shoes. This is a dilemma that will…

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Benefits of Moving Your LIMS to the Cloud

Life sciences companies are putting more thought and strategy into utilizing cloud solutions not only for their enterprise systems, but for their laboratory and quality systems as well. The cloud, simply put, is the ability to access servers, software, and databases over the Internet. This works by using a virtual machine (VM) that acts as a physical computer with its own hardware that users can access via a web browser.…

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3 Key Tenets for Optimizing the Omnichannel Experience 

As the retail industry continues to evolve, one of the greatest challenges in creating an omnichannel experience is converting website visitors into loyal, returning customers. To ensure a seamless and consistent user experience throughout the customer journey, businesses must prioritize meeting customers’ needs and providing easy access to their brand at every touchpoint. When assessing any part of your omnichannel strategy, consider these three tenets for optimizing the omnichannel experience. Optimizing…

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The Latest with LabVantage: CTEC 2023 Takeaways 

Clarkston’s LIMS experts recently attended LabVantage’s North American Customer Training and Education Conference (2023). The event brought the LabVantage community together to gain new skills, share best practices, network with fellow LabVantage customers, and discuss new solutions to help solve the latest challenges within the LIMS space. Below, Tina Yauger shares key takeaways and themes from CTEC 2023 and what to expect with LabVantage in the months to come. LabVantage…

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Developing a Corporate DE+I Communications Plan for a Luxury Brand

Clarkston’s Diversity, Equity, and Inclusion Consulting Practice recently partnered with a global luxury brand to enhance their approach to internal communications relative to DEI. Download the full corporate DEI communications plan case study below to learn more or contact us to learn how Clarkston can partner with businesses like yours in the consumer products, retail, and life sciences industries.  Recently, Clarkston’s diversity, equity, and inclusion (DE+I) team partnered with a…

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Leveraging Digital Marketing Tactics to Increase Diversity in Clinical Trial Recruitment 

Traditional methods of recruiting clinical trial participants include tapping into healthcare providers such as doctors or clinics, patient advocacy groups, online registries, or referrals. However, to seek out a more diverse and representative group of potential patients, trial coordinators and sponsors might consider looking to other sources or methods to recruit new groups. Though clinical trials have unique nuances and target demographics for their particular studies, companies can implement digital marketing…

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Applications for ChatGPT and Retail

Few new technologies have taken the tech, business, and academic world by storm quite like ChatGPT, a generative AI chatbot developed to perform everyday tasks such as answering questions, writing code, or drafting cover letters. A range of plug-ins have allowed for even more applications of this tech, further driving the platform’s hype. With its abilities and popularity growing daily, many leaders in retail may be curious as to how…

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What’s Happening With the Metaverse? 

It appears the metaverse is dominating conversations and news headlines more and more, but perhaps for all the wrong reasons. You’ve probably seen some of the latest updates, like Zuckerburg burying the metaverse and Microsoft saying “see ya” to it. While there is truth to these updates and they are, no doubt, important developments, I believe the reality is a little bit more nuanced. Below, I’m providing some of my perspectives…

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The Benefits of Experiential Retail

When was the last time you really had fun shopping? According to a recent Squire Patton Boggs report, entertainment is “the most important aspect of a meaningful retail experience.” Moreover, younger shoppers care even more about their experience while shopping. In response, retailers continue to find new ways to bring “experiential retail” to life. Be it an art or a yoga class  or a digital catwalk, leading retailers are finding…

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